Islamic Finance and Dispute Resolution: Part 1

in Arab Law Quarterly
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Abstract

The Islamic Financial Industry is an industry that organises financial services in accordance with Islamic Law, in the same way as the traditional financial industry is organised in accordance with secular law. The unique challenges facing the industry in terms of compliance with Islamic law have been internationally recognised in relation to capital adequacy, risk management, corporate governance, transparency and disclosure. The same, however, has not been true in the area of dispute resolution. The purpose of this paper is to identify the unique challenges facing Islamic finance in compliance with Islamic law in the ambit of English courts, evaluate the features of international commercial arbitration as they relate to overcoming these challenges, and provide some suggestions for going forward. The paper is structured as follows: Section 1 will be used to introduce Islamic finance and frame the issues facing the industry in relation to dispute resolution. Section 2 will focus on providing the background required, while Section 3 frames Islamic finance in relation to conventional finance. Section 4 will provide an insight into Islamic law.

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